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Help for Homeowners

- Foreclosure Assistance - Help for Homeowners Facing Foreclosure.

Find a Housing Counselor.
If You Fall Behind.
Know Your Options.
Know Your Rights in Foreclosure.
Settlement Conferences

- An Occupant's Rights in Foreclosure.
Rent-To-Own and Installment Contracts.
Renter's Insurance

- Basic Coverage and Adding Coverage.
Force-Placed Insurance.
Cancellations and Nonrenewals.
Choosing a Policy.
How Much Insurance Do You Need?
Problems Obtaining Insurance.
Flood Insurance.
Understanding What Affects the Cost.
Searching for Insurance.
Managing and Mitigating Losses

Residential Foreclosure Actions Consumer Bill of Rights

This Residential Foreclosure Actions Consumer Bill of Rights supplies assistance to property owners dealing with foreclosure in New york city. A foreclosure is a lawsuit, and house owners ought to seek support from an attorney or housing therapist in checking out possible legal defenses to the fit. Homeowners need to likewise know their basic rights and obligations highlighted listed below.

Throughout the Foreclosure Process

You can stay in your home and the task to keep your residential or commercial property unless and until a court orders you to vacate. If you abandon your home, the plaintiff (bank or mortgage servicer) might have the ability to foreclose on your residential or commercial property through an expedited process in court. To avoid this outcome, stay in your home and thoroughly evaluation and respond to documents you receive from the complainant or the court in your foreclosure case. A failure to react or appear in court when needed to do so might make it simpler for the complainant to reveal that your residential or commercial property is uninhabited and abandoned, which could put you at risk of a sped up foreclosure.

You have a right to be represented by a lawyer and may be eligible totally free legal or housing therapy services.

You have a right to be free from harassment or foreclosure frauds. Strongly think about talking to a lawyer or housing therapist, if readily available, before signing any papers. If you are the target of harassment or fraud, contact DFS by calling our Consumer Hotline at (800) 342-3736.

You have a right to prevent foreclosure if you repay your loan completely at any time previous to the sale of your home, or if you work out a settlement with the complainant.

Before a Foreclosure Action Begins in Court

You have a right to be informed at least 90 days before a foreclosure fit is filed notifying you that you remain in default and at danger of foreclosure. You have the right to check out "loss mitigation" choices that might allow you to keep your home and prevent litigation. The bank or mortgage servicer is required to assist you understand your loss mitigation alternatives. If you have sent a finished loss mitigation application, your bank or mortgage servicer must finish its evaluation of your application before continuing with the foreclosure suit.

RPAPL § 1303 has been modified to require complainants in foreclosure actions to provide a more particular and practical notice to borrowers regarding their rights and obligations during the foreclosure process. Specifically, the notice needs to suggest that house owners have the right to stay in their homes till a foreclosure sale happens and the commitment to maintain their residential or commercial property and pay relevant taxes up until such time. This area is intended to assist prevent residential or commercial properties from becoming uninhabited in the very first location. Read the particular language needed by RPAPL § 1303.

RPAPL § 1304 needs mortgage lenders to give debtors a minimum of ninety days' notice before beginning a foreclosure action. Currently, this Pre-Foreclosure Notice (" PFN") need to include the following language: "Since ___, your mortgage is ___ days in default ... You can cure this default by making the payment of ___ dollars by ___." Unfortunately, borrowers often analyzed this arrangement to indicate that as long as the borrower supplied the specified quantity by the date specified, the loan would be restored. Frequently, the "treatment date" specified in the PFN is the earliest date on which the financial institution can start a foreclosure action, which is 90 days after sending the PFN. When the customer waits a full 90 days to offer the quantity specified, any missed out on payments and associated interest and charges from the stepping in months would be included to the deficiency. In such a case, the customer who submits the quantity stated in the PFN would stay in default due to stepping in accruals, in spite of his/her good-faith efforts to address the default specified in the PFN.

The brand-new law addresses this issue by amending the first line of the notice to check out "Since ____ your mortgage is ____ days and ___ dollars in default." Similarly, it adds language to RPAPL § 1304 which highlights the borrower's ongoing rights and responsibilities throughout the foreclosure process. Read the brand-new pre-foreclosure notification language.

Once a Foreclosure Action Begins

You deserve to get a copy of the legal documents in the foreclosure suit when it begins. This is called "service" of the Summons and Complaint. You must respond to the Summons and Complaint with an "Answer" within 20 days after you have actually been personally served, and within thirty days if served on you by other means. The Answer is your opportunity to state your defenses.

You must seek advice from with a lawyer or housing counselor for help in this process.

You have a responsibility to appear at all arranged court appearances. If you fail to appear, you run the risk of losing crucial rights, which could result in the loss of the case and your home.

You have a right to demand court permission to continue without paying court costs.

At a Compulsory Settlement Conference

You have a right to a description of the nature of the foreclosure action versus you.

Both celebrations have a responsibility to bring all required files to the settlement conference. For a general list of required documents, check out the Mandatory Settlement Conference information page.

Both celebrations need to negotiate in "excellent faith", which indicates honestly and relatively. If you fail to do so, you might lose the opportunity to pursue a court-supervised settlement. If the bank or mortgage servicer fails to do so, the court may enforce likewise substantial penalties. Negotiating in great faith does not require either celebration to settle.

If you previously failed to submit an Answer, you will be provided an additional thirty days to do so at the settlement conference.

After Settlement Agreement or Fully Executed Loss Mitigation Agreement

Within 90 days of finalizing a settlement, the lis pendens designation on your residential or commercial property, which warns people that title to your residential or commercial property remains in dispute, must be raised.

You might be accountable for additional taxes if you reach a settlement that includes debt forgiveness. Consult from a tax professional about any resulting tax repercussions.

After Judgment of Foreclosure and Sale

Upon a judgment of foreclosure and sale, the brand-new owner can look for to evict you from the residential or commercial property.

If the home is resold for more than what you owe, you have a right to submit an application with the court for the surplus funds, subject to specific due dates. It is necessary to seek aid from a legal provider if you think you are owed a surplus.

If the home is cost less than what you owe, the lender may file an application for a judgment against you for the difference, known as a shortage judgment. You might can object to the amount of any deficiency judgment, consisting of interest and penalties.

Get Help! Contact a Not-for-Profit Housing Counselor

Housing therapists that handle foreclosure-related problems can provide you advice on your options and resources at little or no cost. They might likewise have the ability to work out with your loan provider free of charge and assist you discover complimentary legal services in your location.

Housing therapy resources for New Yorkers include:

- New York's Homeowner Protection Program (HOPP), which connects with housing counselors and legal services at no charge. Call the HOPP hotline at (855) 466-3456 or see homeownerhelpny.com.
You can discover a list of authorized non-profit housing counselors by county here, on the DFS site.
24-Hour support is readily available toll-free on the HOPE NOW hotline at 888-995-HOPE (888-995-4673). HOPE NOW is an alliance of HUD approved counseling agents, servicers, and financiers that provide totally .
If you reside in New York City, you can likewise call 311.

If you remain in a foreclosure lawsuit, you ought to consult an attorney.

Seek Legal Assistance

Contact an attorney and examine your mortgage files. Make sure your loan is not in infraction of any laws. If you do not have an attorney, the New york city State Bar Association might be able to refer you to a proper attorney for your situation.

If you can not manage a private attorney, resources for totally free or inexpensive legal assistance consist of:

- New York's Homeowner Protection Program (HOPP), which links with housing counselors and legal services at no charge. Call the HOPP hotline at (855) 466-3456 or visit homeownerhelpny.com.
The New York State Bar Association's Lawyer Referral and Information Service.
The Legal Service Corporation site. LawHelp.org, an online directory site of complimentary legal provider in New york city.